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Meanwhile, the spot XRP ETFs were slightly in the red on February 2 again, but it was nothing compared to last week’s massive withdrawals.
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Summarize with AI
Summarize with AI
After nearly a week of almost consistent price losses, Ripple’s cross-border token has finally rebounded, marking a 4% increase since yesterday to just over $1.60.
Analysts rushed to offer their views on the asset’s short-term price performance, with Ali Martinez outlining the next significant support lines if XRP’s current recovery is nothing more than a dead-cat bounce.
CryptoWZRD was more hopeful. The analyst noted that XRP had finally closed bullish against the greenback, but its progress will be determined by Bitcoin’s dominance. The metric has remained relatively stable in times of uncertainty and full-on price swings.
They explained that BTC’s dominance needs to “decline to get a positive impulse from XRPBTC, which will help BTC become more bullish and head towards the $2.00 resistance relatively soon.” For now, the analyst added that the first target is reclaiming the $1.64 resistance.
ChartNerd doubled down on their belief that going past $1.64 won’t be enough to resurrect XRP’s run. They added that the token must reclaim the 100 WEMA at $1.87 to “invalidate a similar 50/60% drop down to multi-year ascending support.”
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The spot XRP ETFs registered their fourth day of net outflows since the inception of the first one in November last year. However, the total amount is rather negligible, with just over $400,000 leaving the funds.
In comparison, January 29 was the worst-trading day for the financial vehicles, with a $92.92 million exodus, and XRP’s price tumbled from $1.90 to $1.70 at the time in less than 24 hours.
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Source: https://cryptopotato.com/analysts-lay-out-ripples-key-levels-as-xrps-price-recovers-4/
